D&O Insurance in the Netherlands is about the market for directors' and officers' liability cover in the Netherlands. In addition to documenting the development of the market value from 2010 to 2014, the report also divides it for the most recent year for three key segmentations: between publicly listed corporate enterprises, unlisted corporate enterprises and other entities (e.g. non-incorporated businesses and the not-for-profit sector); between the financial services sector, the non-financial services sector and the manufacturing / primary sector; and between underwriters based in the Netherlands itself and underwriters located outside of it.

These unique market splits are based in part on a survey of leading brokers and underwriters of D&O insurance in the Netherlands. This same survey also identifies the underwriters of this type of cover used by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters of D&O insurance, provides a basis for commentary surrounding distribution channels used for this type of cover, informs observations concerning trends in claims by type of insured entity, and guides Finaccord's forecasts for the market value through to 2018.

Table Of Contents

DandO Insurance in the Netherlands0.0 EXECUTIVE SUMMARY 11.0 INTRODUCTION 3What is this report about? 3Rationale 3Several factors underpin the rationale for the production of a study about DandO insurance 3Methodology 3Research program 3Market data analysis 3Definitions 4DandO insurance 4Policies are usually taken out by companies rather than by company managersâ¦ 4â¦ and typically pay for both defence costs and the damages paid to the claimant 4DandO insurance can be bought by a variety of different types of entity 4In Europe, policies typically incorporate Side A and Side B cover but not always Side C cover 4Stand-alone cover bought for certain specialised risks is excluded from the definition of DandO insurance 5Premiums 5Sectors 5Abbreviations 5Finaccord 62.0 MARKET ANALYSIS 7Introduction 7Regulatory background 7A two-tier board structure is mandatory for larger stock corporations 7In the case of insolvency, liquidators have the right to sue directors 8Number of insurable entities 8The core target audience for DandO cover shrunk by around 600 enterprises between 2010 and 2014â¦ 8Market value, growth and segmentation 9â¦ although this did not prevent the market value from posting reasonable growthâ¦ 9. causing it to comfortably outpace the wider market for general liability insurance 10The value of the Dutch market splits quite evenly between listed and unlisted enterprisesâ¦ 10â¦ and the split by business sector is not untypical of that seen elsewhere in Europe 11A fairly substantial proportion of DandO insurance cover is underwritten outside of the Netherlands 14Penetration levels 14There is very limited scope to increase penetration rates among listed enterprisesâ¦ 14â¦ but much more among larger unlisted ones 15Underwriter market shares and specialisms 15Three underwriters of DandO insurance are used on a regular basis by over a half of brokersâ¦ 15â¦ although these are not the top three when ranked by market share 16The two largest players both offer EUR 25 million in capacity in the primary segment 17Chubb is especially strong among smaller and medium-sized enterprisesâ¦ 18â¦ and Markel is also targeting this audience with simplified lower-cost policies 18Key brokers and broker specialisms 18Major banks are more important as distributors of DandO cover than elsewhere in Europeâ¦ 18â¦ although brokers are dominant overall 18Trends in claims and key risks 18While claims activity has risen, DandO insurance has remained a profitable activity in aggregate 18The construction sector has seen an increase in insolvency-related claims which may have peaked 19Large financial institutions are thought to be well-protected from possible future external shocks 19Future outlook 20Real terms market value growth of 1.9% is predicted from 2014 to 2018â¦ 20â¦ although the number of policies issued may rise more rapidly 203.0 APPENDIX 22Brokers and insurers participating in the survey 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1Key market data for DandO insurance in the Netherlands 21.0 INTRODUCTION 32.0 MARKET ANALYSIS 7Number of insurable entities segmented by legal structure, size and sector in the Netherlands, 2014 9Premiums for DandO insurance and the percentage of the total general liability insurance market that thisrepresents in the Netherlands, 2010 and 2014 10Segmentation of DandO insurance premiums in the Netherlands between publicly listed corporateenterprises, unlisted corporate enterprises and other organisations, 2014 11Segmentation of DandO insurance premiums in the Netherlands between the financial services sector, thenon-financial services sector and the manufacturing / primary sector, 2014 12Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financialservices sector and the manufacturing / primary sector in the Netherlands, 2014 (table) 13Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financialservices sector and the manufacturing / primary sector in the Netherlands, 2014 13Segmentation of DandO insurance premiums in the Netherlands between underwriters based in theNetherlands and underwriters based abroad, 2014 14Proportion of publicly listed corporate enterprises and unlisted corporate enterprises with revenues aboveEUR 10 million with DandO insurance in the Netherlands, 2014 15Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in theNetherlands, 2014 16Estimated market shares of DandO insurance premiums of underwriters in the Netherlands, 2014 17Segmentation of claims costs between defence costs and other claims costs in the Netherlands in atypical year 20Forecast premiums for DandO insurance in the Netherlands, 2018 213.0 APPENDIX 22

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